Deere Q1 income rises on 18% growth in sales

PadraicCassidy

NEW YORK (MarketWatch) - Deere & Co.
DE, -2.09%
reported first-quarter net income Tuesday of $222.8 million, or 89 cents per share, compared with $170.8 million, or 68 cents per share in the year-ago period. The farm equipment maker matched the average analyst estimate from a survey by Thomson First Call. Total sales rose 18 percent to $4.13 billion from $3.5 billion. Excluding currency translation, Deere said sales are expected to increase 6 percent to 8 percent in all of 2005 and 9 percent to 11 percent for the second quarter. Net income is forecast at $1.5 billion for all of 2005 and $500 million to $525 million for the second quarter. The stock gained 2 cents Monday to $69.35.

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